Mr Mandoob Plans IPO in Saudi Market in H1 2026 with Valuation Exceeding $213 Million

Mr Mandoob, a delivery services company, is planning to list on the Saudi stock market during the first half of 2026, after achieving a market valuation exceeding $213 million, according to statements by CEO Obaid Al-Enazi.

This move comes four years after the company’s launch, which began with limited self-funding, followed by the successful raising of $22.7 million through investment rounds that supported its expansion and operational growth.

Mr Mandoob is currently working on completing IPO requirements in coordination with regulatory authorities, while simultaneously seeking to expand its partnerships and strengthen its technological infrastructure to serve a customer base that has surpassed 14 million users.

The planned IPO aligns with the rapid growth of Saudi Arabia’s delivery market and the increasing investor interest in startups, with small and medium-sized enterprises accounting for around 30% of listed companies in the Saudi market.

In recent years, several startups have also transitioned from the parallel market to the main market as their businesses expanded and matured.

Al-Enazi noted that the entry of global companies into the local market, along with mergers and acquisitions among domestic firms, is expected to enhance the sector and increase competitiveness, despite challenges such as intense competition and aggressive price-cutting policies that have pushed some competitors out of the market.